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Japanese legal procedures relating to insolvency are undergoing substantial reform. As a part of these reforms, many amendments to the Corporate Reorganization Law were promulgated on December 13 2002 and are scheduled to take effect on April 1 2003. The pre-amendment Corporate Reorganization Law provided a very rigid reorganization procedure, especially for large-scale companies with many creditors, employees and other stakeholders. The main purposes of the amendments are to create a swift reorganization procedure for companies and to establish more flexible reorganizing measures.

The revision of the exemption regulation that has caused problems for borrowers (see main feature) has also affected securititizations, putting billions of dollars of transactions temporarily at risk.

Life for foreigners issuing securities in The Netherlands has been made more difficult by a recent amendment to the law. Michael Evans reports on what lawyers are doing to change this

France's stock market regulator, the Commission des Opérations de Bourse (Cob) is to make an in-depth analysis of deals structured using derivatives to raise capital.

Clifford Chance securitization partner Luigi Chessa is leaving the firm's Rome office after six months as joint-managing partner for Italy.

The latest draft of the Basel Capital Accord proposes to treat project finance, asset finance and commodities finance differently from conventional lending. Nicholas Budd of Denton Wilde Sapte explains how

The Securities and Futures Commission (SFC) is looking forward to a new era in Hong Kong's financial markets with the long-awaited Securities and Futures Ordinance (SFO) due to come into effect on April 1 2003.

Who will pay for independent research if not the investment banking arms of Wall Street firms? Steven Lofchie of Davis Polk & Wardwell, New York, looks at the latest US moves to curb analyst conflicts

The first global bond offering from one of Korea Electric Power Corporation's (Kepco's) generation subsidiaries has set a useful precedent for the market, showing how to avoid triggering a default on bonds should the issuer be privatized in future.

London's merger and acquisition lawyers have begun the new year rushed off their feet after no less than six UK supermarkets prepared to bid for the country's fourth largest food retailer Safeway.